Caixin
Nov 02, 2022 03:48 AM
BUSINESS

CATL Unit to Take 25% Stake in China Cobalt Giant

CATL already jointly holds a 25% stake in CMOC’s Kisanfu project in the Democratic Republic of Congo.
CATL already jointly holds a 25% stake in CMOC’s Kisanfu project in the Democratic Republic of Congo.

(Bloomberg) — Top global battery maker Contemporary Amperex Technology Co. Ltd. (CATL) agreed to take a stake in CMOC Group, a major cobalt producer, increasing vertical integration in China’s burgeoning electric vehicle supply chain.

The mining company said its second-biggest shareholder agreed to an earlier proposal to transfer its 24.68% holding — valued at 26.75 billion yuan ($3.7 billion) — to a unit of CATL. In return, the same shareholder will take a stake in the CATL subsidiary.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code